As the world moves toward a cleaner and greener future, electric cars will play a pivotal role in reducing greenhouse emissions. The growth prospects of electric vehicles have drawn the interest of the existing automakers and several new-age automobile manufacturers. Electric cars have seen demand soaring over the past few years, with people increasingly dumping IC-engine vehicles.
Analysts at BCG estimate that worldwide battery-powered EVs will amount to 20% of global sales by 2025 and 59% by 2035. The U.S. President has set an ambitious target: Half of the car sales will be EVs by 2030. Electric vehicle (EV) manufacturers like Mullen Automotive, Inc. (MULN) are expected to benefit from the demand increase.
